Pearson Plc (PSON.L,PSO) said it purchased Connections Education from an investor group led by Apollo Management, L.P. for $400 million in cash.
Pearson expects the acquisition to enhance adjusted earnings per share from 2012, its first full year, including integration costs, and to generate a return on invested capital above Pearson's weighted average cost of capital from 2013. The transaction is subject to a Hart-Scott-Rodino review.
Through its Connections Academy business, the company operates online or 'virtual' public schools in 21 states in the US-serving more than 40,000 students in the current school year.
The acquisition also provides Pearson a leading position in the fast-growing virtual school segment and the opportunity to apply Connections Education's skills and technologies in new segments and geographic markets. It extends Pearson's investment in education services and technologies that have both a direct connection with the learner and a strong record of enhancing student achievement.
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